Egypt News Petroleum: Increase the budget of Research and Exploration Plans for $8.5 Billion Minister of Petroleum Engineer Sherif Ismail said that despite the existence of dues for partners foreigners, but the foreign companies operating in Egypt is still committed to the plans and programs of research and exploration and development of discovered fields which have been adopted to increase investments in the investment budget for the year 20132014/ to more than $8.5 billion. This is in addition to its participation in the international biddings put forward by the Petroleum Authority and the Holding Gas Company and South Valley Holding Petroleum Company especially in light of the current competition between the countries of the region to attract international companies for research and exploration, which has proven results interest continue to work in Egypt for many years, where Petroleum Bidding Authority resulted for award of 11 sectors on 6 international companies with investments of $282 million, in addition to the result bidding Holding Gas Company, which resulted in 7 global companies with 8 sectors investments minimal $2.1 billion, in addition to awarding 4 areas on international companies with investments of $60 million for South Valley Holding Petroleum Company as well as received 8 bids from international companies to bid recently for the search for oil and gas.
EGAS defines another new bidding areas this year Engineer Mahfouz Al-Boony, Vice Chairman of the Holding Company for gas «EGAS» said that technical data is being prepared to determine the final areas that will be put up for gas exploration, after reviewing the military. He said in a press statement that it has not yet determine the deadline for the introduction of new bid to explore for gas, but is expected to put forward during the last quarter of this year. Al-Boony pointed out that drilling an exploratory well in deep water in the
10 Petroleum Today
- September 2013
Mediterranean Sea at an investment cost of about $200 million, and is awaiting the announcement of drilling results within two weeks. He said he will begin to drill another well in the same area during the coming period at an investment cost of $200 million as well, and announce the results of exploration during the month and a half. Vice President of «EGAS» assured that foreign partners are stuck to work in the Oil Sector in Egypt and not affected by
current events in the country, so as to after their work sites on the ongoing clashes and the presence of the followup and secure the well by the concerned authorities.
